Wealth Management Company GoldenTree Is Buying Bitcoin

Wealth management firm GoldenTree, which currently manages more than $ 41 billion in assets under management, is said to be buying bitcoin.

According to recent reports, the company is adding bitcoin to its balance sheet in an effort to diversify its portfolio. move offers the company a broader mix of debt-focused strategies, according to sources familiar with the matter.

report further states that GoldenTree is considering hiring cryptocurrency investments and operational experts in an effort to shift focus to the industry.

While no details have been shared on how many bitcoins the company purchased, at this time the company is apparently focusing on bitcoins only.

Investments in institutional cryptocurrencies continue to grow

reports of GoldenTree’s buying bitcoins come at a time when wealth management companies and institutional investors are seeing an increase in demand for blockchain and cryptocurrency offerings.

More recently, Germany updated its fixed investment rules to allow institutional funds to hold up to 20% of their cryptocurrency portfolios. move is seen as positive for a country that has remained fairly conservative when it comes to the cryptocurrency industry.

Fidelity Digital Assets recently conducted a study indicating that up to 71% of institutional investors plan to invest in digital assets in the future. While 90% of institutions interested in digital assets plan to have an allocation by 2026.

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Banks are also joining the fray

growth of the cryptocurrency and blockchain industry in 2021 has also caused banks to start to take notice. Major banks like JPMorgan have already started offering their clients’ exposure to cryptocurrencies. Currently, the bank offers access to five crypto funds. Four of which come from Grayscale Investments, and the fifth from Osprey Funds. Bank of America also recently approved selected clients to trade bitcoin futures through the bank.

move comes after Goldman Sachs also offered futures trading to its clients. Bank of America has also formed its own cryptocurrency research team. bank did not stop there. It also recently participated in Paxo’s stablecoin series D funding round, which raised $ 540 million and includes other investors such as FTX and Coinbase Ventures.

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